Examlex
In the accompanying figure, item 3 is used to _____.
Saving Account
A savings account in a banking institution that guarantees the safety of the deposited money while offering a low interest rate.
Annual Interest Rate
The percentage of interest that will be charged or earned on an amount of money over the span of a year.
Deposit
Money placed into a financial institution for safekeeping, which can also earn interest depending on the type of account.
Semiannually Compounded Rate
An interest rate that is compounded twice a year, affecting the total amount of interest earned or paid.
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